Since October 2019, HMRC have formally met with the Financial Conduct Authority (FCA) at least every month to discuss coordination of their regulatory supervision. Prior to that, meetings took place approximately every six weeks and were used to discuss specific cases and other issues. HMRC and the FCA also have frequent informal contact every few days. HMRC and the FCA do not operate a dual supervision model. Where a business is authorised by the FCA for Money Transmission only, HMRC are the supervisory authority. Conversely, when a business is supervised for any other activity by the FCA, the FCA are the supervisory authority. HMRC and the FCA share information and intelligence to assist each other with the supervision and regulation of registered and supervised businesses and work collaboratively to promote supervised businesses’ understanding of the risks they face, their statutory obligations and the implications of inadequately managing those risks.